4D Molecular Therapeutics

FDMT

Biotechnology · Healthcare

Price

$10.99

+0.15 (+1.38%)

Market Cap

$574.5M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+108.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 27.7M (2021) → 57.9M (2025)

4D Molecular Therapeutics, Inc., a clinical-stage gene therapy company, develops product candidates using its adeno-associated viruses vectors. It develops a portfolio of gene therapy product candidates focuses in three therapeutic areas: ophthalmology, cardiology, and pulmonology. The company has three product candidates that are in clinical trials: 4D-125 that is in a Phase 1/2 clinical trial for the treatment of X-linked retinitis pigmentosa; 4D-110 that is in a Phase 1/2 clinical trial for t

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-17.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$196M/ year

↑ Rising (+38% vs prior year)

229.7% of revenue

12.8x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

25.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 months

$72M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Strong grower

4D Molecular Therapeutics is growing revenue at 21664% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

32.6%

Modest — 32.6% gross margin

Operating Margin

-2416.1%

Losing money on operations — -2416.1%

ROCE

-15.6%

Weak — -15.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+383560.9%

Fast-growing sales (383560.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-147.6%

Burning cash (-147.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.05

Conservative — low debt load (0.05)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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